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Completing the PPP Forgiveness Form: Updated

COMPLETING THE PPP FORGIVENESS FORM: UPDATED

UPDATED FOR THE NEW BILL
Available Date(s)
Thursday, July 09, 2020: 12:00PM EDT

Cost $30.00
CPE Credits 1.5 hours
CE Credits 0.0 hours
Subject Area Finance
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

Last week the President signed the PPP Flexibility Act changing many key aspects of the PPP process.  Since that signing, the SBA updated its’ regulations and issued additional guidance on the new 60% payroll test.   Additionally, over the last several weeks the SBA issued both instructions and forgiveness regulations along with regulations addressing the PPP audit process. The heart of this class will be the form itself and will show the attendees how to complete the form on a line-by-line basis.   At the same time, we will address each and every aspect of the PPP Flexibility Act and discuss how the Act likely changes your strategy.

In a series of instructions only a math major could love, the SBA issued the new “PPP Forgiveness” form and related regulations which involves a myriad of computations and accounting precepts destined to challenge all of us. The “Incurred and paid” statutory guidance being the most perplexing. Largely, because the “incurred and paid” hybrid method of accounting will be nearly impossible to implement.   

While the new SBA instructions offer pragmatic guidance not addressed by the CARES Act, the new rules involve tax and computational items that pose traps for the unwary. The FTE rehiring and reestablishing of wages will also allow borrowers to “cure” the impact of two of the three forgiveness tests. Finally, we will address the newly issued SBA audit and appeal regulations.

Specifically, this course will focus on:

 


  • The 60% payroll test

  • The 24-week covered period

  • How to complete the SBA forgiveness form

  • Last-minute ideas to maximize forgiveness

  • Building a file in-case of an SBA or IRS audit

  • The income tax deductibility issue and action steps

  • Tricky issues, such as related party rent and contributions to profit-sharing plans

  • Understanding the new SBA "PPP Forgiveness" regulations and instructions

  • Impact of the new Rules under the cash and accrual basis of accounting including the Alternative Payroll Covered Period

  • What does “incurred and paid” mean versus “incurred or paid”

  • Forgiveness for rent, payroll and interest expense including related party rent

  • How to account for pension and profit-sharing plans

  • How to determine the amount of the PPP Loan available for forgiveness

  • What are “covered expenses"?

  • How does the "full-time equivalent" ("FTE") test work?

  • Computing the "salary reduction" test

  • Re-hiring employees to avoid the "salary reduction" test

  • Understanding the SBA's old "75% payroll" test and the new 60% payroll test in the Bill signed by the President

  • Understanding the PPP aspects of the proposed HEROES bill

  • Understanding the income tax aspects of the proposed HEROES bill

  • Protective claims on the income tax side

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Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP and the current chairman of the AICPA Advanced Estate Planning Conference. In 2007 he was inducted into the Estate Planning Hall of Fame of National Association of Estate Planners & Councils. He has also been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals, and he has received more than 200 favorable private letter rulings including several key rulings of “first impression”. He is the author of over 100 articles and columns and is the editor, author or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been a speaker at national estate planning and tax seminars for over 20 years including the AICPA’s: Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences, NAPEC Conferences, The Notre Dame Estate Planning Conference and the Heckerling Estate Planning Institute.

Frequently Asked Questions
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About Our Presenter

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At Keebler & Associates, we are nationally recognized tax professionals in family wealth transfer, estates and retirement distribution planning. We provide tax and estate planning to high net worth individuals and families and educate financial, tax and estate professionals on cutting edge tax strategies.